Contract Law for Paralegals Exam Questions and Answers 100% Pass

Contract Law for Paralegals Exam Questions and Answers 100% Pass What is a contract? -Answer-a contract is a legally enforceable agreement composed of a promise or promises that have been agreed on and that create both rights and duties for the parties to the agreement. Requires: - mutual assent, - consideration, aka "bargained-for exchange of promises", and - no defenses to formation. (#1, 8) . What law applies to: Services Land Goods -Answer-• common law (state case law) for services; • common law (state case law) for land sales; and • Uniform Commercial Code for goods (UCC Article 2 and NRS 104.2) (#1, p. 9) . What are the key three elements of a contract? -Answer-• mutual assent • consideration • no defenses to formation (#1, p. 12) . What three forms do contracts take and how are they classified? -Answer-• express contracts: formed by written or spoken language . • implied contracts: formed by conduct . • quasi-contracts: a legal fiction, they are formed by law as a consideration substitute to avoid unjust enrichment ; not formed by mutual agreement of the parties. (#3, PPT-2 and Beckman lecture 8/1/2013 merged and edited) . classifications are: • bilateral • unilateral (#1, pp. 8-9) . What is the preemption doctrine? -Answer-"federal substantive law supplants state law, but, absent other provisions, both state and federal courts have concurrent jurisdiction of actions arising under that law . . . ." (Garner 2011) (#1, p. 10) . What is mutual assent (or consent)? -Answer-a "meeting of the minds" wherein the parties manifest their intention to enter into a contract. This manifestation consists of a valid offer and a valid acceptance. (#1, p. 12 and Beckman lecture 8/1/2013 merged and edited) . agreement, approval, permission; especially, verbal or nonverbal conduct reasonably interpreted as willingness. "The requirement of 'assent,' which is fundamental to the formation of a binding contract, implies in a general way that both parties to an exchange shall have a reasonably clear conception of what they are getting and what they are giving up." ---Chirelstein (Black's). . What is an offer and how is it made? -Answer-the beginning of a contract where the offeror indicates his intention to enter into an agreement in a way that the offeree can accept by simply assenting to the stated intention. (#1, p. 11) . a promise to perform conditional on receiving acceptance (#4, 11). . must be accepted while "alive" (#3, PPT-2) . What comprises a valid offer? -Answer-composed of: a) a promise to enter into a contract is expressed b) in clear and certain terms c) communicated to the offeree (#3, PPT-2). . What is an offer for a bilateral contract? -Answer-a promise (offer) is offered in exchange for a promise (acceptance). the initial offer is composed of: a) the expression of a promise to enter into a contract b) in clear and certain terms c) communicated to the offeree (#1, 12; #3, PPT-2). What is an offer for a unilateral contract? -Answer-a promise (offer) is offered in exchange for performance (acceptance). the initial offer is composed of: a) the expression of a promise to enter into a contract b) in clear and certain terms c) communicated to the offeree (#1, 12; #3, PPT-2). acceptance is by performance, that is, by completion of the requested act. offeror cannot revoke the offer once it has been relied upon by the offeree. offeror must allow completion; otherwise, subject to restitution damage